Essen, GERMANY (dpa-AFX) - German industrial conglomerate Thyssenkrupp
blamed a 'gloomy' economic environment as it lowered its forecast for
annual sales and earnings on Wednesday.

Thyssenkrupp said it now expects sales for the 2023-24 fiscal year to
be below the prior-year level, due largely to declining volumes and
lower prices in the steel and materials trading business.

The steel and engineering company also now projects a net loss for
the year in the low three-digit million euro range. The company had
previously assumed a break-even figure.

In terms of adjusted earnings before interest and taxes (EBIT),
Thyssenkrupp anticipates an increase the high three-digit million
euro range after ?703 million ($761 million) in the previous year.

In terms of the second quarter, ThyssenKrupp reported a narrower net
loss, but with a decline in sales as well as order intake. The loss,
after deducting non-controlling interest, totalled ?78 million,
narrower than last year's ?223 million.

Adjusted EBIT for the quarter was ?184 million, lower than ?205
million last year.

'Thyssenkrupp performed as planned in the second quarter ? despite a
still gloomy market environment. We made significant progress in the
strategic realignment of the group, especially in the steel
business,' said chief executive Miguel López in a statement.


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